Pulse News Korea website reports, “A new western sanction on Russia for invading Ukraine that cuts off Russian banks from the main international payment system, Swift, would directly hurt South Korean exporters due to disruption in payment.”
“According to Korea International Trade Association on Sunday, Korean exporters and importers could be victimized from the latest move by the United States, European Union, and their allies to cut off Russian banks from the Society for Worldwide Interbank Financial Telecommunication (Swift) system that enables easy cross-border payments for international trade as a part of international sanction for Russian invasion of Ukraine.”
“Korean exporters may not be able to collect due payments for their shipments to Russia, and importers may not be able to keep trade with Russia as their credit letter are already being rejected by Korean lenders.”
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